Another Lynching?

Posted: June 1, 2011 in Uncategorized

This was prompted by this article by David McWilliams:

I remember listening to the radio (Radio 1 or Newstalk) and Stieglitz’s approach to Ireland was quoted and despite being a Nobel laureate he was similarly sneeringly dismissed by some vacuous establishment talking heads on the hilarious and crudely anti-intellectual basis that he “wasn’t Irish” and therefore he didn’t understand Ireland and wasn’t qualified to talk about the unique Irish economic situation!
For real.
This actually happened on Irish radio.

I read that Stieglitz article when it came out about DSK reforming the IMF out of recognition from the monstrous entity that destroyed South America in the 80’s&90s as it unleashed economic mayhem and social upheaval wherever it went.
This impression of a reformed IMF was reinforced from the Morgan Kelly article where the IMF, far from being the rapacious grim reapers of old, where actually rather lenient on Ireland in stark contrast to the obdurate ECB, who seem sadistically intent on crucifying Ireland and offering us up as a ritual sacrifice to the new gods, the international banking cartels and as a horrifying warning to other delinquent states in the Eurozone.

So when this story broke about DSK I immediately thought of the parallels with both Elliot Spitzer and Julian Assange. There is possibly much more to this story than first appears. Economist Paul Craig Roberts, who was the former editor of the Wall Street Journal, believes that DSK was possibly stitched-up.
Certainly if you want to neutralise a troublesome opponent who is challenging the status-quo, smearing them with a salacious sex scandal is traditionally the preferred way as it is the most effective.
I am not inclined for conspiracy theories but Qui bono? Who benefits from removing DSK from the picture? Obviously Nicholas Sarkozy is one candidate.The investment banks that want the IMF to go back to it’s old ways and who would suffer if bondholders were burned in future financial crises? Perhaps .
Interestingly, the reforming DSK – a socialist – has been replaced by John Lipsky, a former vice chairman of JP Morgan. What direction will the IMF take now?
At the moment we don’t know what happened in that hotel room yet despite this, there is a frenzy of lurid speculation and DSK has already been subjected to trial-by-media and has been roundly condemned.
Somehow I don’t see this new,nicer, reformed and more humane IMF 2.0 continuing under the stewardship of Lipsky


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